Cars are important to our lives. We need our car to meet our daily obligations like work, school, church or grocery shopping. Without a car, we might need to take public transportation to work, church or shopping or organize a car pool to get our kids to school. We are discussing car repairs but there are other emergencies that are just as concerning, such as backed-up plumbing or a furnace or air conditioner that breaks down at a critical time. What can we do to get the money fast and get the repairs done quickly?
You need cash fast and you are working. Your paycheck can get you the cash you need with a quick approval and lightening fast funding. Bad credit is no problem for these companies. Your job makes it all possible.
Most loan providers are referring you to various lenders. They don’t lend money, but do take a commission when the lender accepts you as a client. Many lenders have determined that your paycheck is enough of an asset to feel confident in lending you the cash.
Payday loans and Installment loans are the offerings of most providers. These are unsecured loans. They are not based on an asset, like a car or a house, that the lender can repossess. To reduce their risk, installment loan providers have several requirements that give them the confidence that you will pay them back. They are: you must work full time; earn at least $1500 per month; arrange direct deposit with your bank; and be over the age of 18 years.
There are many such companies offering payday and installment loans and an online company won’t have the overhead costs that a storefront loan provider will have. Online companies are in a position to charge less. It is a good idea to shop around and compare interest rates. We understand that with car repairs, you may not have the luxury of time. So when you need money now, it can make sense to go with an online payday loan company to get you your cash fast.
A payday loan is based on your paycheck. Payday loans are created as same-day cash loans and presented as a loan until you receive your next paycheck. The borrower gives the lender a check for the loan amount with an added fee and take control of your future, and the lender agrees to hold the check until the next paycheck and pay period. It is considered an unsecured loan. However, your paycheck is evidence of your having a job. That is where the confidence in your borrower can go a long way.
Payday loans are “deferred presentment” loans. The interest charges can be high—usually 15% per month. This works out to an APR of over 400%. Payday loans are easy to get and can be difficult to repay. Make it a priority and be vigilant in making your payments. That will help repair bad credit and keep your credit healthy.